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Mizzou MANGMT 3000 - Exam 2 Study Guide
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MANGMT 3000 1st Edition Exam # 2 Study Guide Lectures: 8 -13Lecture 8-Stakeholders- the people whose interests are affected by an organization’s activitiesInternal stakeholders- consist of employees, owners, and board of directorsExternal stakeholders- people or groups in the org’s external environment that are affect by it Task environment:Customers- those who pay to use an org’s goods or servicesCompetitors- people or org’s that compete for customers or servicesSuppliers- person or org that provides raw materials, services, equipment, labor, or energy to other orgs Distributor- person or org that helps another org sell its goods and services to customersStrategic allies- describes the relationship of two orgs who join forces to achieve advantages neither can perform as well aloneGovernment regulators- regulatory agencies that establish ground rules under which orgs may operate Special interest groups- groups whose members try to influence specific issuesEconomic forces- consist of the general economic conditions and trends- unemployment, inflation, interest rates, economic growth- that may affect an org’s performance Technological forces- new developments in methods for transforming resources into goods and servicesSociocultural forces- influences and trends originating in a country’s, a society’s, or a culture’s human relationships and values that may affect an orgDemographic forces- influences on an org arising from changes in the characteristics of a population, such as age, gender, or ethnic originPolitical-legal forces- changes in the way politics shape laws and laws shape the opportunities for and threats to an orgLecture 9- Ethical dilemma- situation in which you have to decide whether to pursue a course of action that my benefit you or your org but that is unethical or even illegalEthics- standards of right and wrong that influence behavior Values- relatively permanent and deeply held underlying beliefs and attitudes that help determine a person’s behaviorOrganizations may have two value systems that conflict:1. Value system stressing financial performance2. Stressing cohesion and solidarityFour approaches to deciding ethical dilemmas:1. Utilitarian- guided by what will result in the greatest good for the greatest number of people2. Individual- what will result in the individual’s long term interest, which ultimately are in everyone’s self interest3. Moral-rights- respect for the fundamental rights of human beings4. Respect for impartial standards of fairness and equality Kohlberg’s theory:Level 1- preconventional, follows rulesLevel 2- conventional, follows expectationsLevel 3- postconventional, guided by internal values Social responsibility- manager’s duty to take actions that will benefit the interests of society as well as of the org Corporate responsibility model- notion that corporations are expected to go beyond following the law and making a profit Philanthropy- making charitable donations to benefit humankindStrategic positioning- attempts to achieve sustainable competitive advantage by preserving what is distinctive about a companyGrowth strategy- involves expansionStability- no significant changeDefensive- reduction in org’s efforts Strategy formulation/implementationCompetitive intelligence- gaining info about one’s competitor’s activities so you can anticipate their moves/react appropriately SWOT analysis- org strengths, org weaknesses, org opportunities, org threatsPorter’s five competitive forces:1. Threat of new entrants2. Bargaining power of suppliers3. Bargaining power of buyers4. Threat of substitute products or services5. Rivalry among competitorsBCG matrix- evaluating strategic business units on the basis of their business growth rates and their share of the market Lecture 10-Organizational culture- system of share beliefs and values that develops within an organization and guides the behavior of its members-Also called corporate culture Clan culture- internal focus, values flexibility rather than stability, encourages collaboration among employeesAdhocracy culture- attempts to create innovative products by being adaptable, creative, and quick to respond to changes in the marketplaceMarket culture- focuses on the external environment, driven by competitors and a strong desire to deliver resultsHierarchy culture- apt to have a formalized structured work environment aimed at achieving effectiveness through a variety of control mechanisms Levels of org culture:1- Observable artifacts, physical manifestations such as manner of dress, awards, myths, and stories about the company2- Espoused values, explicitly stated values and norms preferred by an org, enacted values, represent the values and norms actually exhibited in the org3- Basic assumptions, represent the core values of the org’s culture, those taken for granted and highly resistant to changeHow employees learn culture:Symbol- object, act, quality, or event that conveys meaning to othersStory- narrative based on true events, which is represented to emphasize a particular value Hero- person whose accomplishments embody the values of the orgRites and rituals- activities and ceremonies, planned and unplanned, that celebrate important occasions in the org’s life Process of cultural change:1. Formal statements2. Slogans and sayings3. Stories, legends, and myths4. Leader reaction to crises5. Role modeling, training, and coaching6. Physical design Organization- system of consciously coordinated activities or forces of two or more people Organization chart- box-and-lines showing the formal lines of authority and the org’s official positions or work specializations Lecture 11-Common elements of an org:1. Common purpose2. Coordinated effort3. Division of labor4. Hierarchy of authority 5. Span of control6. Authority, responsibility, and delegation7. Centralization vs. decentralization of authoritySimple structure- authority is centralized in a single person with few rules and low work specialization Functional structure- people with similar occupational specialties are put together in formal groups Divisional structure- people with diverse occupational specialties are put together in formal groups by similar products, customers or geographic regions Matrix structure- org combines functional and divisional chains of command in a grid so that there are two command structures- vertical and horizontal Horizontal design- teams or workgroups, either temporary or


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Mizzou MANGMT 3000 - Exam 2 Study Guide

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